It may result but isn’t obvious to me Evermore F
The main idea is to wait for a breakout in any direction. Specially in the G/N trade.
Thoughts on this one please EURGBP Daily…IB + Doji at strong weekly resistance from way back and at an extended distance from the 20ema. Also, the chart is showing bullish divergence and as we start to head into the holiday season pairs may start to range more and this pair could be starting a range upto 0.7950 ish area. R:R isn’t brilliant but pips are worth 1.6 of normal pips remember.
Comments welcome.
ps Just checked the 4hr chart and its showing very strong bullish divergence. (l’m using Stochastic for the reading.Sorry to anyone who is an absolute NO indicator purist!)
wow
just got 2 images of GN 1 hour from my 2 platforms
1st pic is alpari pin is 165 pips long
2nd pic is pepperstone pin is 63 pips long
i feel sorry for those with stops on alpari…what a shame.
i think the move would trigger stops …but probably not allow client to close at the top…probably get a market requote.
but WOW.
maybe this is why i try and avoid the crosses also…too easy to manipulate. i think. thin liquidity.
and easier to get away with.
Decided to hold fire on this one for now…if it prints a false break down that would be the clincher for me to go long.
is alpari a market maker?
dont think so …not officially…they are just broker…quite a big broker…
who handle retail accounts…
but in reality …retail brokers have the ability to act as market makers if you understand their operation.
retail brokers have their own link to the intermarket network…but they dont put retail customers orders through to the intermarket network…unless it is a big order that could cause them considerable risk
basically all retail brokers do the same thing.
they have their own internal system that is meant to replicate the real intermarket pricing.
we place our orders onto their internal system.
in effect it is their own market.
it is meant to replicate the interbanking network system…but as you can see from the images…it doesnt.
im not saying this will happen but imagine this scenario.
you are a retail broker with 100 customers running on your system that is basically a computer program in your living room…that copies prices of the intermarket network.
your customers make orders…some go long and some go short in various currencie.
you have a customer that decides to buy 100million pounds worht of dollars …so you sell him these dollars and this makes yhou short.
imagine the customer is right and dollar moves up…then you are going to go bust…unless you decide to put the order to buy 100 million dollars on the intermarket network to hedge this customer position.
or alternitiavely …as the system your customer is working off is "your own market " why not put a bid in on the system that is 100 pips against your customer on your own system…and this move would show up on your own littel market that the customer sees…as a long thin shadow on the price…a shadow that happens to knock out his stop loss…and you get to keep the rewards…
if customer calls up with lawyers …then you can appologise to him and say it was a systems error…or manual order entry typing error …and refund him the original order.
all i am saying is that these things COULD BE POSSIBLE…
so as soon as you start to generate enough income to be dealing in big money…i think its absolutely totally necessary to get hooked up directyly to the interbank network…
either by using a broker in a bank over the telephone …or to go to one of those prop dealing places where you can hook up the their link to the banks…but i wouldnt trust retail brokers who say they will hook you up to interbank network…
as some do say this…but in reality do you really think a broker is going to put on a deal for 3 nano lots on the interbank ecn network…ha ha
when dealing big money i think it is naive and gullible to use some retail broker…and make your bets on 'his system’
as soon as my base is in the region of 100 k …im off to the interbank network either by phone …or prop trading room.
and that is that …that is non negotiable.
of course eveyrone is entitled to do as they please…but its important that people understand the structure of the retail brokers…just in case.
just a little more idea…this is not totally explanaory.
Find out the shocking truth on Forex brokers - YouTube
I like the NZDJPY setup Evermore, looks primed up ready for an explosive breakout!
Hi All,
Just wanted to jump in on the thread to post a quick note.
I’ve been keeping an eye on this thread for a while and following from the shadows. I have been trading forex for a few months now and have had some mixed results in my performance. I have been doing a lot of intraday trading and while some of it has been successful I really wanted to focus on longer term trading (which is where I believe the real money is)
I then stumbled across the DnB website and for the first time ever, I actually forked out some cash to purchase some trading material. I worked through the price action guide and have started to take longer term trades based on the price action techniques covered in the material and have found my performance steadily increasing. I won’t go into specific numbers but have found myself netting a few 100pip+ trades over the last few weeks where before I was happy taking 30pips or so.
Anyway like I said I’ve been following this thread for a little while but as my confidence in my longer term approach grows I would like to hopefully add some value to this thread as and when I think I can.
Thanks for everything DnB and keep posting those set ups! I don’t necessarily trade them all but I find them really useful in identifying the types of set ups that I should be looking for, hope to catch you on the forum soon.
DT.
Will wait until next week for price to make an upside move before commiting a full trade.
Though a “test trade” with a stop on the next daily bull candle may yield a profit.
Alpari is market maker and pepper are STP/ECN style. That is why you will find Alpari had that large spike and not on other ECN’s/STP. Alpari would have gone stop hunting and made a killing.
Thoughts on this one please EURGBP Daily…IB + Doji at strong weekly resistance from way back and at an extended distance from the 20ema. Also, the chart is showing bullish divergence and as we start to head into the holiday season pairs may start to range more and this pair could be starting a range upto 0.7950 ish area. R:R isn’t brilliant but pips are worth 1.6 of normal pips remember.
Probably best not to buy against that solid down trend, but better to wait for a short opportunity after a retrace to the EMAs.
Did anyone noptice this squeeze pattern forming in gold ?
Well spotted, I was actually looking at that today, Gold has been in long term consolidation now, if you zoom out a bit you can see it resting on that major support level - very obvious. Something has got to give, where there is a breakout it will probably turn into a full blown trend. Up or down? who knows but Gold tends to always wanna go up in value lol.
Alpari is market maker and pepper are STP/ECN style. That is why you will find Alpari had that large spike and not on other ECN’s/STP. Alpari would have gone stop hunting and made a killing.
Don’t talk about my broker like that 
, I’ve never had any trouble with Aplari UK but I don’t have an ECN account.
This looks really interesting but really hard to read! On the weekly its bang in the middle of a 3yr range while on the daily its sitting right on the 200sma…so as you say DnB it could really move from here. Its got bullish divergence on the daily which makes me wonder if the breakdown we are now seeing is a false break before it heads north??? Time will tell l guess but l am just watching for the moment…how will you play it DnB please?
nice call!
Hi, DnB
Do you use several brokers or just alpari? If you mind…
wow …just found something quite useful.
i am from london.
and in the uk barclays stockbrokers offer an fx account
called barxdirect.
to use this account for order entry online
you can open an account with 5 thoudand pounds
the minimum size you can trade with is 50,0000 units size which is basically 0.5 lots
you cannot use mt4…so you must use another mt4 platform for charting…and then juust use account for order entry.
you are not hooked up directly to the ECN interbank network
but the prices for the feed you use come directly from BARCLAYS CAPITAL INTERBANK NETWORK
they have phone access from monday to thursday 7;30 am till 8 30 pm
friday 7 30 am to 6.00 pm
and if there are any dubious spikes you can complain and checks will be made to ensure that the spikes were also on the BARCLAYS CAPITAL INTERBANK NETWORK ECN FEED…IF NOT THEN YOU WILL BE ENTITLED TO GET UP TO 80,000 POUNDS BACK …you are covered for up to 80 grand.
so im gonna jump in bed with these guys…for anything over 0.5 lots
and then move on from there when my account gets to over 100k
hope this helps some of you guys.
just asked for a quote on euro usd…price was 1.5 pips spread…interbank netwwork was 1.4 pips spread…so spread looks good.
they also said that interbank network spreads also sometimes go below 1. pip but that we will not be given that facility.
at least they are upfront and honest.
ps
leverage is up to 100 to 1…if your a maniac.
Good tip , thanks Brink. One other factor to consider is tax…when you get really successful you will want to minimize it so you may want to find a good Spread Bet broker too.
thanks for that tip michael…
been playing with the barclays workstation thingy…its not very user friendly and clear cut like the mt4…but all i need is order entry and cancel so should be ok
ill keep my mt4 for all chart analysis and small orders.
